KUALA LUMPUR: Bank Negara Malaysia (BNM), Bank Indonesia (BI), and the Bank of Thailand (BOT) have expanded the Local Currency Transaction Framework (LCTF) by appointing additional qualified commercial banks. These banks, known as Appointed Cross-Currency Dealers (ACCDs), will support cross-border trade and investment settlements.
The move follows enhancements announced earlier this year. “This expanded ACCD network will strengthen customer outreach, enhance market access to local currency liquidity, and provide businesses with better cross-border transaction options,“ BNM stated.
Under the Malaysia-Indonesia LCTF, five Malaysian banks and four Indonesian banks have been appointed. The Malaysian banks include AmBank (M) Bhd, Bank of China (Malaysia) Bhd, OCBC Bank Malaysia Bhd, Standard Chartered Bank Malaysia Bhd, and Sumitomo Mitsui Banking Corporation Malaysia Bhd. The Indonesian banks are PT Bank Danamon Indonesia Tbk, PT Bank OCBC NISP Tbk, PT Bank Pembangunan Daerah Jawa Timur Tbk, and Bank of China (Hong Kong) Ltd (Jakarta Branch).
For the Malaysia-Thailand LCTF, five Malaysian banks and one Thai bank were selected. The Thai participant is Bank of China (Thai) Public Company Ltd. Meanwhile, PT Bank OCBC NISP Tbk and Bank of China (Hong Kong) Ltd (Jakarta Branch) represent Indonesia in the Indonesia-Thailand LCTF, alongside Thailand’s Bank of China (Thai) Public Company Ltd.
BNM, BI, and BOT reaffirmed their commitment to fostering trade and investment growth through financial collaboration. The full list of appointed banks is available on BNM’s website. – Bernama